Panasonic gained control of Sanyo Electric after a tender offer for its stock successfully closed, the two companies said on Thursday. Panasonic and Sanyo started discussions towards an acquisition more than a year ago but anti-trust concerns in several countries forced delays to the original plan.
The tender offer, which closed Wednesday, resulted in shares equivalent to 50.19 percent of Sanyo voting rights being offered to Panasonic at a price of
Sanyo shares closed trading on Thursday at
Panasonic will end up paying around
Panasonic pushed for the deal to gain access to Sanyo's environmental technologies, particularly its battery and solar-panel know how. Sanyo is Japan's largest battery maker.